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mars1129 [50]
3 years ago
9

If the supplies on hand at the end of January totaled $500 and the Supplies on Hand account before adjustment is $900, what shou

ld be the adjustment at month-end
Business
1 answer:
Natali5045456 [20]3 years ago
4 0

Answer:

The adjustment at month-end is :

Supplies Expense $400 (debit)

Supplies $400 (credit)

Explanation:

The Supplies Account is an asset Account that decreases as the supplies are used in the business.

The use of supplies prompts the recognition of an <em>expense</em> and de-recognition of an <em>asset</em> as follows :

<em>Supplies Expense $400 (debit)</em>

<em>Supplies $400 (credit)</em>

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The answer to your question is False
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3 years ago
Flask Company reports net sales of $4,000 million; cost of goods sold of $3,600 million; net income of $720 million; and average
denpristay [2]

Answer:

1.16

Explanation:

Given that,

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3 0
3 years ago
Consider the following scenarios:
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7 0
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The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the en
IrinaVladis [17]

Answer: The answer is provided below

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Adjusting entries are the entries that are passed at the end of the year. They are passed to adjust the account so as to make them follow the matching principle.

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= $800 × 5

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The necessary journal has been attached

8 0
3 years ago
Superior has provided the following information for its recent year of operation: The common stock account balance at the beginn
yKpoI14uk [10]

Answer: $22000

Explanation:

The amount of Superior's dividend declarations during its recent year of operation will be calculated thus:

Ending retained earnings ($91000) = Beginning retained earnings ($75000) + Net income ($38000) - Dividend declared

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Therefore, Superior's dividend declarations during its recent year of operation is $22000

7 0
3 years ago
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